Ann: Market Update and Appendix 4C Comment, page-26

Cheers mate. Will check it out.

Totally agree on geo expansion. All the growth for Zoleo has so far come from North America, which means our share of sales/profit is lower.

Australia, while a high tech and developed market is still relatively small. It’s the ‘rest of world’ where we get 50% that there is untapped upside that really interests me. There are some large markets available and we know the product is excellent.

I’ve been very conservative with my ROW estimates but there’s too much uncertainty to forecast that segment with conviction. I’d rather be lower and wrong than higher and wrong if you know what I mean.